Bandwidth Inc. (BAND) vs Calix, Inc (CALX)

Bandwidth Inc. and Calix, Inc are both Software Infrastructure companies. Bandwidth Inc. and Calix, Inc are of similar size ($2.1B and $2.0B). Calix, Inc trades at the lower P/E: 41.9× against 1,022×. Calix, Inc grew revenue faster over the last twelve months: 27.8% against 9.25%. Calix, Inc has the higher net margin (4.61% vs 0.27%) and the higher return on invested capital (7.42% vs −1.77%). Across the 22 metrics below, Calix, Inc leads on 19 and Bandwidth Inc. on 3.

Valuation

Metric BAND CALX Software Infrastructure median
P/E 1,022.33 41.95 28.02
P/S 2.38 1.89 3.07
P/B 4.96 2.96 3.36
Price to free cash flow 29.25 24.64 17.12
EV/EBITDA 41.35 24.36 14.91
EV/Sales 2.63 1.73 3.03
Earnings yield 0.10% 2.38% 0.13%
Free cash flow yield 3.42% 4.06% 1.15%

Profitability

Metric BAND CALX Software Infrastructure median
Gross margin 37.23% 56.58% 61.23%
Operating margin (1.82%) 5.51% 0.00%
Net margin 0.27% 4.61% 0.00%
Free cash flow margin 8.13% 7.69% 1.67%
Return on equity 0.58% 6.91% 0.59%
Return on assets 0.21% 5.46% 0.00%
Return on invested capital (1.77%) 7.42% 0.00%

Growth

Metric BAND CALX Software Infrastructure median
Revenue growth (TTM) 9.25% 27.84% 13.41%
EPS growth (last fiscal year) (79.17%) 157.78% —
Revenue growth, 5-year CAGR 17.05% 13.06% 15.81%
Net income growth, 5-year CAGR 0.00% (11.79%) 0.00%

Health

Metric BAND CALX Software Infrastructure median
Debt to equity 0.87 0.00 0.06
Current ratio 2.04 2.83 1.55
Net debt to EBITDA 3.09 (10.03) 0.08

Dividend

Metric BAND CALX Software Infrastructure median
Dividend yield — — 1.53%
Payout ratio 0.00 0.00 0.00

Size

Metric BAND CALX Software Infrastructure median
Market cap 1.99b 2.09b 835.96m

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